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Wednesday, 02 November 2016

East Africa: EAC Yet to Fully Implement Common Market Protocols

The East African Community (EAC) is yet to fully implement the common market protocols which were meant to boost the region's trade, a new report has shown. The second East African Community Common Market Scorecard 2016 launched in Kampala, Uganda on Thursday shows that Kenya, Uganda, Tanzania, Rwanda and Burundi still run their trades as separate and distinct markets, keeping their economies small and disconnected due to several bottlenecks in the regulations. This was blamed on failure by individual states to lift legal barriers like recognition of business certificates from each other and double taxation. This is despite EAC presidents having signed the treaty to give the countries freedom of movement of goods, labour, services, and capital, which would significantly boost trade and investment and make the region more productive. The protocol was signed on November 20, 2009 and came into force on July 1, 2010.

Source: allafrica.com